PwC advised LMT on the acquisition of Santa Monica Networks Group
On 31 May 2021 the owners of Latvijas Mobilais Telefons SIA (“LMT”) and Santa Monica Networks (“SMN”), a Baltic data transmission networking and IT security solutions group, signed a share purchase agreement that provides for LMT acquiring a 100% stake in SMN. This transaction is expected to ensure the development of various 5G business solutions.
SMN is an IT business group established in Finland in 1989. Since 2003 SMN has been offering solutions to Latvia’s major telecommunications, IT and media companies, public-sector and financial institutions, as well as manufacturing companies in Latvia and Lithuania. In terms of customer connection numbers, revenue and network coverage, LMT is the largest mobile communications operator in Latvia with the widest customer service network. The two companies plan to carry on trading as separate legal entities. The transaction has yet to be cleared by the Latvian and Lithuanian competition regulators.
The transaction saw a collaboration between PwC Business Advisory and Tax practices as well as regional colleagues in providing the buyer with financial and tax due diligence services.
This transaction again demonstrates LMT’s ambition to help customers solve complex business transformation challenges and to offer innovative technology solutions for attaining those aims. PwC is also supporting companies in the crucial process of business transformation, so we are very happy about this collaboration and the opportunity to help achieve their goals.
PwC Latvia’s team was led by Raimonds Dauksts, Gerds Ivuškāns, and Oskars Rode. The team was backed by Zlata Elksniņa-Zaščirinska, Teet Tender, Agate Zīverte, Zane Korņenkova, Tatjana Kļimoviča, Ieva Rimkienė, Aušra Miltenytė, Elīza Rušmane, and Jānis Reinis Beikmanis.
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